Edelweiss, the financial services firm today disclosed that one of its group firms will obtain Ambit Alpha Fund for a disclosed amount. As per the company, an Edelweiss group entity has decided to acquire Ambit Alpha Fund, a category III Alternate Investment Fund with an amount more than Rs 1,100 crore, and will be its new investment manager. Rashesh Shah, Edelweiss Group Chairman & CEO is of the view that they are eyeing the financial savings of Indian investors shifting from hard assets such as gold and real estate to financial instruments. This movement shows exciting opportunities in the fast growing asset management space.
He further added that Ambit Alpha Fund is one of the leading Alternate Investment Funds in the country and permits them to consolidate their market position in this business. This marks the second acquisition of Edelweiss Group in 2016. In March 2016, Edelweiss Asset Management announced of their acquisition of JP Morgan's mutual fund business in India, which has assets of more than Rs 7,000 crore, making the American fund house the 11th foreign major to exit the over Rs 13 lakh crore industry in the past eight years. The acquisition will further boost Edelweiss Group's Rs 35,000 crore Global Assets Management (GAM) business including the existing mutual funds, alternative assets management, multi strategy funds and asset reconstruction. The transaction is subject to due diligence and requisite regulatory approvals.
As of 22nd Sept, Edelweiss share price was quoting below 1.73% at Rs. 119.20. The stock opened at Rs. 122.90 and settled at Rs. 119. 10.
Edelweiss is a multiobagger stock analyzed by Dynamic Levels for this quarter. The closest support and resistance level of the Edelweiss share price reads at Rs. 111.50 and Rs. 124.20 respectively. The scrip made its 52-week high at Rs. 124.20 on 21stSept ‘16 whereas the 52 week low is seen at Rs. 44.35 on 12th Feb ’16.
For further details refer to Edelweiss share price forecast.
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